The company has entered into an off balance sheet project financing contract that had originally resulted in Platina receiving a 25% net revenue interest in the field. Since that time, the company commenced operations on four permitted field sites, drilled and completed two natural gas wells ready to go on line.
Blair Merriam, president of Platina Energy, said: The company has made significant progress in 2007 and now will be in a better position to expand its drilling opportunities and receive full benefit for doing so with the advent of strategic debt. Scheduling for the next series of well spuddings (commencement of drilling) is currently our top priority in Tennessee.
